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Ex-Congressman George Santos settles betting case for $35,000
🇩🇰 Denmark /Elections & Politics

Ex-Congressman George Santos settles betting case for $35,000

From Berlingske · () Danish

Translated from Danish, summarized and contextualized by DistantNews.

At a glance

News From a news agency Outcome reported
  • Former U.S. Congressman George Santos has agreed to a $35,000 settlement to resolve a case involving a suspicious bet on the betting platform Kalshi.
  • The settlement with the Commodity Futures Trading Commission (CFTC) includes $17,000 Santos earned from the bet and an additional $17,500 fine.
  • The CFTC has also banned Santos from placing new bets on Kalshi for three years, adding to his previous fraud and identity theft convictions.

Convicted fraudster and former U.S. Congressman George Santos has settled a case with the Commodity Futures Trading Commission (CFTC) over a bet placed on the betting platform Kalshi. The settlement requires Santos to pay $35,000, comprising the $17,000 he profited from the bet and a $17,500 fine.

Santos's lawyer stated that the former congressman chose a swift and practical resolution over a lengthy and costly legal battle, emphasizing that this does not constitute an admission of guilt. The CFTC has also imposed a three-year ban on Santos from using the Kalshi platform for betting.

This case stems from a bet Santos made regarding his attendance at Donald Trump's "State of the Union" address. Santos, who was previously sentenced to over seven years in prison for fraud and identity theft, has maintained his innocence in this matter. He was expelled from Congress in December 2023.

He chose a quick and practical solution rather than a long and costly lawsuit. That choice should not be confused with an admission of guilt, because it is not.

— Joseph MurraySantos's lawyer, Joseph Murray, stated this in a statement shared by the former congressman on X, explaining the reasoning behind the settlement.
DistantNews Editorial

Originally published by Berlingske in Danish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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